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Setco Automotive informs about outcome of board meeting

07 Sep 2021 Evaluate

In furtherance to earlier letter dated August 31, 2021, wherein the company had intimated that the Company has entered into a Business Transfer Agreement dated August 31, 2021 with its wholly owned subsidiary Setco Auto Systems, to sell, transfer and dispose of the Company’s Clutch Business together with the use of all the licences, permits, consents and approvals whatsoever, and all related assets (moveable and immovable, tangible and intangible) and identified liabilities, contracts and employees, as a going concern on slump sale basis, for a lump sum consideration Rs. 5,00,000; Setco Automotive has informed that pursuant to the satisfaction of the condition precedent in respect of such transaction, the completion under the Business Transfer Agreement dated August 31, 2021 has been achieved and consequently the Company’s Clutch Business stands transferred to its wholly owned subsidiary, Setco Auto Systems with immediate effect, as a going concern on slump sale basis. The Board of Directors of the company in its meeting held today Tuesday, September 7, 2021 approved the Closure of Business Transfer Agreement. The Board meeting commenced at 1:45 pm and concluded at 1:59 pm.

The above information is a part of company’s filings submitted to BSE.

Setco Automotive Share Price

22.99 -0.97 (-4.05%)
17-Apr-2026 16:59 View Price Chart
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